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Super Bowl LVI Projected to Generate $1 Billion in Legal Bets
By Jeff Osienya Feb 06, 2022 IndustryA PlayUSA Network reports estimates that sports wagers on this year’s Super Bowl LVI will hit a whopping $1 billion, with Nevada and New York driving the action. Join us as we dig deeper into the report.Americans love their pro football. Anyone who pays the slightest attention to the American sports scene knows that much. Therefore, it is no surprise that football fans are projected to show up in large numbers to put their money on the sport’s greatest annual spectacle, the Super Bowl. On February 13th, the Los Angeles Rams will step onto their home stadium, the Sofi Stadium in Inglewood, to take on Joe Burrow and the Cincinnati Bengals for the Super Bowl LVI showdown.
According to PlayUSA, a US gaming industry news and analysis platform, we can expect up to a tune of $1 billion in wagers on the Super Bowl LVI in regulated US sports betting sites. The 2021 Super Bowl LV that pitted the Tampa Bay Buccaneers against the Kansas City Chiefs generated half of what is projected for this year’s spectacle.
Dustin Gouker, PlayUSA Networks’ lead analyst, said:
Quote“$1bn in legal wagering on a single game would be an impressive milestone for the industry. It would have seemed impossible just a few years ago to reach such heights, but with the expansion of sports betting over the last year, it is inevitable that legal wagering will soar.”
Sports Betting Regulation is Reducing Revenue Seeps into the Illegal Markets
However, the American Gaming Association stated that in 2021, a total of $4.3 Billion bets, both legal and illegal, were placed on the Super Bowl. And so, last year’s Big Game handle points to a lot of money being missed out by states which were yet to legalize sports betting, but this year, things will be a little different. The illegal betting that took up a big chunk of revenue that would have gone to the states will be slashed significantly.
By the time the LA Rams and Cincinnati Bengals will be clashing on February 13th, some form of regulated sports betting will be legal in a total of 31 US jurisdictions – 30 states and the District of Columbia. According to the 2021 estimates of the US Census Bureau, the said jurisdictions represent a population of 166.9 million.
On the other hand, 21 jurisdictions with a total population of 120 million had some form of legal sports betting in time for the 2021 Big Game.
Eric Ramsey, a data analyst for the PlayUSA Network, commented:
Quote“The sports betting landscape has changed dramatically since last year’s game. More than half of all Americans now live in a legal jurisdiction, and even well-established markets such as New Jersey and Nevada have grown significantly over the last year as mobile betting gains in popularity.”
Nevada, New York, and New Jersey Expected to Handle the Most Super Bowl Wagers
If the indications by new entrants into the sports betting market are anything to go by, the US sports betting sector is in for a very exciting Superbowl LVI. The Empire State just recently reported a $1.1 billion handle in just 16 days of online and mobile sports betting. It is already on pace to shatter New Jersey’s previous record of $1.3 billion handle in a month, a record it set only recently in October 2021. If these two live up to the pace they set, then they will post huge numbers when the Superbowl is here.
According to PlayUSA analysis, Nevada and New York are projected to bring in the most handles, at $175 million and $160 million, respectively. The Silver State is one of the biggest sports betting states in the United States and is traditionally one of the biggest Super Bowl markets in the country. New Jersey is expected to round up the top three Super Bowl LVI juggernauts with a $135 million handle. Additionally, the Garden State is the only other state estimated to have the capacity of handling over $100 million worth of wagers for this year’s super bowl.
Illinois and Pennsylvania are expected to follow the three sports betting powerhouses with a $75 million and $70 million Super Bowl 56 handle, respectively. Meanwhile, Arizona, Michigan, Indiana, and Colorado will follow the top five, with a projected handle of $55 million, $45 million, $40 million, and $35 million, respectively, for the February 13th Big Game.
Additionally, while Louisiana is among the youngest entrants of regulated sports betting, having just debuted its market on January 28th, it is expected to see a $35 million handle. Mind you; the Bayou State is already off to a great start after reporting notable movement in the first 48 hours of legal sports wagering. At $35 million, Virginia is also expected to have roughly the same Super Bowl handle as Louisiana, whereas Tennessee will likely process $30 million worth of wagers, according to PlayUSA.
Ramsey also commented that:
Quote“Americans have become increasingly comfortable with online betting in general and the less conventional bets it facilitates, such as in-game wagering. This should really help boost Super Bowl betting, which for years has enticed bettors with fun prop bets and other unconventional wagers. The big difference this year is those types of bets are easier than ever to make in more places than ever before.”
The Race to Sports Betting Regulation Continues
In 2021, it seemed that a new state was legalizing sports betting with every new month. By the end of the year, 11 new states approved some form of sports betting. These states are; Arizona, Connecticut, Louisianna, New York, North Carolina, South Dakota, Virginia, Washington, Wisconsin, Wyoming, and Michigan.
In total, 34 US jurisdictions have legalized sports betting till today, but 3 (Ohio, Florida, and Nebraska) are yet to launch their regulated markets officially. But even without the trio, a very healthy volume of sports fans will be able to place bets on the nation’s biggest football event. The additional states’ inclusion into this year’s fold is a huge deal as they will bring in good numbers as a collective to the US sports betting sector.
On top of the new states making a grand entrance to the sports betting scene, we can expect huge numbers from Superbowl LVI because of the work that sportsbook industry giants have put in. Leading sports betting operators like FanDuel, DraftKings, and Caesars have engaged in extensive marketing in the new states, investing millions just to convince people to wager. This is bound to be a net positive with the Superbowl on the horizon.
While excitement is rife for the Superbowl, we’ll be keenly following up on the amount of money sports fans will spend. Will the figures be as high as we anticipate, or are we getting a little bit carried away? PlayUSA Network’s Super Bowl 56 handle projection remains to be seen.
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